Svmuu News: CryptoQuant analyst Axel Adler stated that Bitcoin has seen the highest-ever level of realized losses among holders during the current bear market,with the 30-day moving average (30DMA) of realized losses in February 2026 peaking at $1.37 billion—19% higher than the $1.15 billion high reached during the 2022 cycle.Data shows that since the February peak, realized losses on Bitcoin have fallen by 56.5% to approximately $597 million; meanwhile, realized profits have only slowly recovered to $257 million.Axel Adler noted that loss-driven selling pressure has clearly eased, but the market has not yet seen a sustained recovery in demand, and losses are still declining faster than profits are rebounding.
Comparing historical cycles, realized losses reached a record high of $1.37 billion on February 20, 2026; the peak realized loss in the 2022 cycle was $1.15 billion, recorded on June 30, 2022.In terms of realized profits, as of July 23, the 30-day moving average (30DMA) of realized profits for the Bitcoin was $257 million, down 92.7% from the peak of $3.51 billion reached on December 10, 2024;and down 77.7% from the all-time high of $124,710 reached by Bitcoin on October 6, 2025.This metric hit a low of $191 million on June 14, 2026, and has since rebounded by 34.7%.
Axel Adler noted that profit-taking pressure has declined significantly, and the volume of coins sold for profit currently remains at a low level for this cycle. However, this does not mean that sellers have completely run out of steam, nor does it indicate that market demand has fully recovered. If realized profits continue to rise to over $400 million to $500 million, it would provide stronger confirmation of sustained market improvement.
Additionally, the Bitcoin’s Realized Profit/Loss Ratio has rebounded from a June low of 0.26 to 0.43, though it remains below the 1.0 level.Analysts point out that although the absolute magnitude of realized losses in the current cycle exceeds that of 2022, relative market pressure remains lower than in 2022. Since the all-time high of Bitcoin, realized losses have exceeded realized profits on 190 of the past 291 days.Axel Adler cautioned that if the profit-to-loss ratio falls below 0.26 again, accompanied by a price drop below the cycle low of $58,535 set on June 30, it could signal further intensification of market pressure.